United Kingdom GDP Annual Growth Rate

The Gross Domestic Product (GDP) in the United Kingdom expanded 3 percent in the first quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in the United Kingdom averaged 2.53 Percent from 1956 until 2014, reaching an all time high of 10.20 Percent in the first quarter of 1973 and a record low of -6.80 Percent in the first quarter of 2009. GDP Annual Growth Rate in the United Kingdom is reported by the Office for National Statistics.

   
 
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United Kingdom GDP Annual Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
3.00 2.70 10.20 -6.80 1956 - 2014 Percent Quarterly
From 1993 to 2007 the United Kingdom has reported an average annual rate of growth of 3.3 percent. Yet, since the recession in 2008 and 2009 the growth has been sluggish and in the last three years averaged meager 0.9 percent. This page provides - United Kingdom GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.


UK GDP Annual Growth Revised to 3% in Q1


The UK economy expanded 3 percent year-on-year in the first quarter of 2014, slightly down from a preliminary 3.1 percent estimate, as government spending and investment grew less than anticipated.

On the expenditure side, household final consumption expenditure has been rising each quarter since Q1 2012 and was 2.2 percent higher in Q1 2014 than in the same period a year ago. Government final consumption expenditure increased by 1.8 percent (2.2 percent in the second estimate); non-profit institutions serving households expenditure fell by 0.6 percent and gross fixed capital formation rose by 9.7 percent (10.4 percent in the previous estimate). The net trade balance has worsened slightly compared to Q1 2013. 

When comparing Q1 2014 with Q1 2013, production output rose by 2.4 percent. All production industries contributed positively to this growth, with the exception of electricity, gas, steam and air conditioning, which contracted by 13.3 percent as demand for electricity and gas in March 2014 was lower than the same period a year ago. This is likely to be attributable to the warmer March weather in 2014. Between Q1 2013 and Q1 2014, manufacturing output rose by 3.6 percent, revised up 0.1 percentage points from the previous estimate. Construction output increased by 6.7 percent.

On a quarter-on-quarter seasonally adjusted basis, the economy grew 0.8 percent. 

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
6/27/2014 10:45:36 AM


Recent Releases

UK GDP Advances 3.1% YoY in Q1
The UK economy expanded 3.1 percent year-on-year in the first quarter of 2014, in line with expectations and unchanged from the preliminary estimate. Published on 2014-05-22

UK GDP Advances at Fastest Pace in Six Years
The UK economy expanded 3.1 percent year-on-year in the first three months of 2014, up from a 2.7 percent expansion in the previous quarter. Preliminary estimates showed the economy accelerated for the fifth straight quarter. Published on 2014-04-29


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-03-28 09:30 AM United Kingdom
GDP Growth Rate YoY Final
Q4 2013 2.7% 1.8% (R) 2.7% 2.7%
2014-04-29 09:30 AM United Kingdom
GDP Growth Rate YoY Prel
Q1 2014 3.1% 2.7% 3.2% 1.87%
2014-05-22 09:30 AM United Kingdom
GDP Growth Rate YoY - 2 Est
Q1 2014 3.1% 2.7% 3.1% 3.1%
2014-06-27 09:30 AM United Kingdom
GDP Growth Rate YoY Final
Q1 2014 3.0% 2.7% 3.1% 3.1%
2014-07-25 09:30 AM United Kingdom
GDP Growth Rate YoY Prel
Q2 2014 3.0% 3.1% 3.1%


GDP Last Previous Highest Lowest Unit
GDP 2522.26 2461.77 2857.08 72.33 USD Billion [+]
GDP Growth Rate 0.80 0.70 5.30 -2.50 Percent [+]
GDP Annual Growth Rate 3.00 2.70 10.20 -6.80 Percent [+]
GDP Constant Prices 390389.00 387138.00 392786.00 88041.00 GBP Million [+]
Gross National Product 408480.00 401631.00 409331.00 4776.00 GBP Million [+]
GDP per capita 37955.11 37569.79 40230.96 13478.93 USD [+]
Gross Fixed Capital Formation 56901.00 55896.00 70435.00 10182.00 GBP Million [+]
GDP per capita PPP 32722.52 32880.58 34605.04 17907.45 USD [+]





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